Liquidation of business.

[MR-B]

Hi Legalbeagles.
I have been a director of my own LTD company of approx 8 years and unfortunately due to IR35 and now corona virus we have lost many contracts and unable to continue trading most offshore platforms have stopped contract work for the foreseeable months.
We have a business loan of approx 20k with 14k remaining to pay and an overdraft of 6k, I gave no personal guarantee when I took the loan and overdraft however wondered would I have to pay the loan back, and would this damage my personal credit file.....Thank you....MR-B

[MR-B]

Can anyone help with this query? Thanks*

[Mary Jones 2]

if no personal guarantee- then no when you liquidate or dissolve the company you dont pay*
i actually had no PG with bank lending* *- they still wrote me a letter calling one in* - but it didnt exist and they knew it - just trying it on - so if they do this ask for copy of signed personal guarantee which they dont have and it will go away.